NEW YORK (TheStreet) --
I believe the entire retail industry is headed to where we already are.
But then I continued reading ...
First, the financials. Net loss attributable to Sears Holdings' shareholders was $358 million and $1.4 billion, respectively, for the fourth quarter and full year of 2013. This compares to net loss attributable to Sears Holdings' shareholders of $489 million and $930 million, respectively, for the prior year fourth quarter and full year.
And it started to make sense.While there's no question Lampert is as delusional as they come, he's onto something. The abject state of physical retail will lead to more companies posting billion dollar losses and cheering loyalty programs that have been around for years, but have yet to move needles, stop bleeding or inspire consumers.
Here's additional delusion from Lampert:
While our financial results remain challenged, 2013 may have been the year that justifies why so many people across Sears Holdings have been working for several years on our transformation from a traditional, store-based retailer to a membership company that serves its members across an integrated retail platform.I don't even need to explain the cluelessness inherent in that excerpt. It's just mind boggling. And, if it didn't come from one of America's most inept CEOs, I might not believe it.
I'm not inside Lampert's head so I don't know if he really believes the crap he says. That somehow he's ahead of his time, but, I know this ... whether he believes it or not is immaterial. It is crap. With that comment, Lampert proved he's so lost that if you showed him a picture of his rear end next to a hole in the ground, he wouldn't be able to tell the difference. And things aren't much better at Best Buy (BBY) or J. C. Penney (JCP). Lampert needs to go. And the boards at BBY and JCP need to follow by firing Hubert Joly and Mike Ullman. Just to check myself, I asked Belus Capital Advisors CEO and TheStreet analyst Brian Sozzi if my initial reaction to the Sears, Best Buy and JCP reports was correct. All three companies have, by and large, burned the furniture to build fires, relying on cost-cutting measures and discounting to feign turnaround:
Dead on brotha. These have been some of the most confusing earnings reports I have read through in some time. Charges. Odd lingo. The raw sales aren't there for any of the company's from the stores. Online looks good (even rose 10% at Sears). But the market response to all the reports 100% due to short-term impact of costs cuts offsetting price investments.I have spent months outlining the core problem at these brick and mortar retailers here at TheStreet.
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